Review the information below: Cash balance per bank is $7,338. Bank service charge $40 Cash balance per book is $7,374 Deposits in transit $2,710 EFT $2,026 Outstanding checks $688 What is the adjusted balance for bank and books after reconciliation? $10,050 $10,048 $9,360 $9,400

Review the information below: Cash balance per bank is $7,338. Bank service charge $40 Cash balance per book is $7,374 Deposits in transit $2,710 EFT $2,026 Outstanding checks $688 What is the adjusted balance for bank and books after reconciliation? $10,050 $10,048 $9,360 $9,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Using the following information: 1. The bank statement balance is $3,322. 2. The cash account…

A: The management prepares a bank reconciliation statement to match the company's cash balance with the…

Q: The following data were gathered to use in reconciling the bank account of Bradford Company:…

A: In this question, we need to prepare the Bank Reconciliation statement and also pass necessary…

Q: Rodgers Company gathered the following reconciling information in preparing its May bank…

A: Introduction: BRS : BRS stands for Bank Reconciliation statement. To reconcile the difference…

Q: (a) The bank statement balance is $4,690. (b) The cash account balance is $5,080. (c) Outstanding…

A: Introduction: Bank reconciliation statement: To reconcile the difference between bank and cash book…

Q: Prepare a bank reconciliation using the following information: Balance per Bank – 1/31…

A: Sometimes the balance as per the bank statement and the balance recorded in the books is not matched…

Q: At June 30, Yaddof Company has the following bank information: cash balance per bank $1,800;…

A: Lets understand the basics.Bank reconciliation statement is a statement prepared to match balance as…

Q: Prepare the journal entry to reconcile the bank statement.

A: Prepare a bank reconciliation statement.

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book…

A: Bank reconciliation is an essential statement prepared by management at the end of each month to…

Q: 5. Prepare the following bank reconciliation Balance per bank statement, Oct. 31 $10,360 Cash…

A: Check error=$152-$125=$27

Q: . Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank:…

A: Introduction: Journal entries are used to record all company transactions and occurrences in the…

Q: I need help with this problem with correct solution

A: Step 1: Introduction to the Bank Reconciliation:Bank reconciliation is a schedule that prepares by…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,178 Book balance:…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The bank reconciliation for the month of December, Jacks Company provided the following information:…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,021 • Book…

A: Introduction: Bank reconciliation statement: BRS stands for Bank Reconciliation statement. To…

Q: The bank portion of the bank reconciliation for Carla Vista Co. at October 31, 2022, is shown below.…

A: Bank reconciliation Statement: This statement is prepared by the account holder on a particular date…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,587 • Book…

A: Introduction: Bank Reconciliation statement: To reconcile the differences between bank book and cash…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book…

A: Bank reconciliation statement is prepared to reconcile the bank and book cash balance. All the items…

Q: Required a. Prepare the adjustment that the clerk would have made to record the NSF check. c. Assume…

A: NSF check – The NSF means “Non-Sufficient Funds”. An NSF check is a type of check that is written…

Q: None

A: We should determine the amount that would be recorded for cash on the balance sheetLet us reconcile…

Q: Get the Answer

A: Step 1: Define Bank Reconciliation StatementA bank reconciliation statement is a statement prepared…

Q: The bank reconciliation shows the following adjustments: Deposits in transit: $882 Notes receivable…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The following information is about the cash balances for Mooner Sooner Inc.: Company balance: $5,020…

A: The bank reconciliation statement is prepared to balance the passbook and company book accounts with…

Q: The bank reconciliation shows the following adjustments: Deposits in transit: $852 • Notes…

A: The journal entry made only for two transactions which shows in step no 2

Q: The following information is available for Jack's Inc., for the current month. Book balance for the…

A: Bank Reconciliation is prepared in every organization for reconciliation of bank passbook balance…

Q: Using the following information, prepare a bank reconciliatio Bank balance: $7,651 Book balance:…

A: The practice of comparing the balances in such an institution's account holder account to the…

Q: Prepare a bank reconciliation given the following information the bank statement shows a balance of…

A: Bank reconciliation statements are prepared at the end of a certain period. These are prepared by…

Q: Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Jones Company collected the following information to prepare its May bank reconciliation: Cash…

A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…

Q: Get the Solution

A: To determine the adjusted cash balance per books on July 31, we need to adjust the initial cash…

Q: 1. Aries Company provided the following int lance per book, March 31 ■sh receipts, April ash…

A: Bank Reconciliation Statement - An entity's bank account is matched up with its financial records…

Q: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable…

Q: The following data were gathered to use in reconciling the bank account of Reddan Company: Balance…

A: BANK RECONCILIATION STATEMENT IS A SUMMARY OF BANKING AND BUSINESS ACTIVITY THAT RECONCILE AN BANK…

Q: The following data were gathered to use in reconciling the bank account of Reddan Company: Line…

A: a. $15,680b. Account Titles and ExplanationDebitCreditMiscellaneous Expense40 Cash 40 Cash 5,500…

Q: Balance per bank $16,750 Balance per company records 16,125 Bank service charges 80…

A: Introduction: Bank reconciliation statement: To reconcile the difference between bank book and cash…

Q: Bank reconciliation: Current book balance: $19,250 Balance per bank statement: $15,000…

A: The practice of reconciling entries from the personal ledger to bank statements is known as cash…

Q: Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance:…

A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…

Q: included in the bank balance is a collection of $510 on account from Brendan Ballou, a Guard Dog…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Review the information below:
Cash balance per bank is $7,338.
Bank service charge $40
Cash balance per book is $7,374
Deposits in transit $2,710
EFT $2,026
Outstanding checks $688
What is the adjusted balance for bank and books after reconciliation?
$10,050
$10,048
$9,360
$9,400

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculation for adjusted balance

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Solve this ine
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,046 Deposits in transit: $320 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,500; interest: $35 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
What is the cash balance per bank on June 30?
a. The bank statement balance is $3,240. b. The cash account balance is $3,407. c. Outstanding checks amounted to $736. d. Deposits in transit are $698. e. The bank service charge is $196. f. A check for $32 for supplies was recorded as $23 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 000 00
Balance per bank.. .$14,500 Balance per company records.... .13,875 Bank service charges. 75 Deposit in transit.. .3,750 NSF check... 800 Outstanding checks... 5,250 What is the adjusted balance on the bank reconciliation?
Determine the adjusted BANK balance using the following data provided by Ilustre Company: Balance per bank statement 3,800,000 Deposit in transit 520,000 Amount erroneously credited by bank to hanjipyeong’s account 40,000 Bank service Charge for December 5,000 Outstanding checks 675,000 NSF Checks 50,000 .
Please reconcile The Hylton Enterprise Company bank statement to the cash book as of August 31, 2022. 1. Balance per cash book is $10,500 2. Balance per bank statement is 15,600 3. Bank charges recorded in bank but not In cash book is $115. 4. Checks issued but not yet cashed at the bank is $45,800 5. Deposit in Transit is $58,700 6. Proceeds from the closure of an Investment account is $26,700. plus Interest revenue of 1,500 7. Customer check was returned as Non-Sufficient Fund for $10,085.
Bank reconciliation The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $ 18,250 Balance per company records 8,500 Bank service charges Deposit in transit Note collected by bank with $190 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 50 2,650 5,150 7,300
The bank reconciliation shows the following adjustments: • Deposits in transit: $882 • Notes receivable collected by bank: $1,040; interest: $35 • Outstanding checks: $580 • Error by bank: $310 • Bank charges: $40 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Bank Service Charges Cash Interest Income II II II II
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…